[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) Xiaomi Group demonstrated strong performance in Q2 and H1 2025, with several key financial indicators reaching record highs, including a 30.5% YoY increase in Q2 total revenue to 116.0 billion RMB and a 75.4% YoY increase in adjusted net profit to 10.8 billion RMB Performance Summary for the Three Months Ended June 30, 2025 | Indicator | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 116.0 | 88.9 | +30.5% | 111.3 | +4.2% | | Gross Profit (Billion RMB) | 26.1 | 18.4 | +41.9% | 25.4 | +2.7% | | Operating Profit (Billion RMB) | 13.4 | 5.9 | +128.2% | 13.1 | +2.4% | | Profit for the Period (Billion RMB) | 11.9 | 5.1 | +134.2% | 10.9 | +9.0% | | Adjusted Net Profit (Billion RMB) | 10.8 | 6.2 | +75.4% | 10.7 | +1.5% | Performance Summary for the Six Months Ended June 30, 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 227.3 | 164.4 | +38.2% | | Gross Profit (Billion RMB) | 51.5 | 35.2 | +46.2% | | Operating Profit (Billion RMB) | 26.6 | 9.6 | +177.5% | | Profit for the Period (Billion RMB) | 22.8 | 9.2 | +146.3% | | Adjusted Net Profit (Billion RMB) | 21.5 | 12.7 | +69.8% | [Business Review and Outlook](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) [Overall Performance](index=2&type=section&id=1.%20整體表現) In Q2 2025, Xiaomi Group achieved record highs in total revenue, profitability, and all business segment revenues under its 'Steady and Progressive' core operating strategy, while advancing its 'Human-Car-Home Smart Ecosystem' strategy - Q2 2025 total revenue reached **116.0 billion RMB**, a **30.5% YoY increase**; adjusted net profit was **10.8 billion RMB**, a **75.4% YoY increase**, both setting new records[9](index=9&type=chunk) - Revenue from the 'Smartphone × AIoT' segment was **94.7 billion RMB**, a **14.8% YoY increase**; 'Smart Electric Vehicles and AI & Other Innovative Businesses' segment revenue was **21.3 billion RMB**, with both segments achieving record highs[9](index=9&type=chunk) - Global MIUI Monthly Active Users (MAU) reached **731.2 million**, an **8.2% YoY increase**; AIoT platform connected IoT devices reached **989.1 million**, a **20.3% YoY increase**[10](index=10&type=chunk) - Q2 2025 R&D expenditure reached **7.8 billion RMB**, a **41.2% YoY increase**, with R&D personnel reaching **22,641**, a new record[10](index=10&type=chunk) [Smartphone × AIoT](index=4&type=section&id=2.%20手機×AIoT) In Q2 2025, the 'Smartphone × AIoT' segment revenue reached 94.7 billion RMB, a 14.8% YoY increase with a gross profit margin of 21.6%, driven by strong performance in smartphones, record-high IoT and lifestyle consumer products, and steady internet services growth [Smartphones](index=4&type=section&id=%E6%99%BA%E8%83%BD%E6%89%8B%E6%A9%9F) In Q2 2025, smartphone business revenue was 45.5 billion RMB with a gross profit margin of 11.5%, maintaining its global top-three position with 42.4 million units shipped, demonstrating strong global market competitiveness Q2 2025 Smartphone Business Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 45.5 | | Gross Profit Margin | 11.5% | | Global Shipments (Million units) | 42.4 (+0.6% YoY) | | Global Market Share | 14.7% (Global Top 3) | - Achieved excellent performance in multiple regional markets: ranked **first in Southeast Asia** (18.9% market share), **second in Europe** (23.4% market share), and maintained **second in the Middle East and Latin America**[16](index=16&type=chunk) [IoT and Lifestyle Consumer Products](index=4&type=section&id=IoT%E8%88%87%E7%94%9F%E6%B4%BB%E6%B6%88%E8%B2%BB%E7%94%A2%E5%93%81) In Q2 2025, IoT and lifestyle consumer products revenue reached a record high of 38.7 billion RMB, a 44.7% YoY increase with a gross profit margin of 22.5%, driven by strong growth in smart large home appliances and leading positions in wearables and tablets Q2 2025 IoT and Lifestyle Consumer Products Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 38.7 (+44.7% YoY) | | Gross Profit Margin | 22.5% (+2.8 pct YoY) | | AIoT Platform Connected Devices (Million units) | 989.1 (+20.3% YoY) | | Smart Large Home Appliances Revenue Growth | +66.2% YoY | - Ranked **first globally in wearable wristband device shipments** and **second globally in TWS earphone shipments**[20](index=20&type=chunk) [Internet Services](index=5&type=section&id=%E4%BA%92%E8%81%AF%E7%B6%B2%E6%9C%8D%E5%8B%99) In Q2 2025, internet services revenue reached 9.1 billion RMB, a 10.1% YoY increase with a gross profit margin of 75.4%, driven by record-high global and mainland China MAU and a new high for overseas internet services revenue contribution Q2 2025 Internet Services Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 9.1 (+10.1% YoY) | | Gross Profit Margin | 75.4% | | Global MIUI Monthly Active Users (Million) | 731.2 (+8.2% YoY) | | Advertising Business Revenue (Billion RMB) | 6.8 (+14.6% YoY) | | Overseas Internet Services Revenue (Billion RMB) | 3.0 (+12.6% YoY) | [Smart Electric Vehicles and AI & Other Innovative Businesses](index=6&type=section&id=3.%20智能電動汽車及AI等創新業務) In Q2 2025, this segment's revenue reached 21.3 billion RMB with a gross profit margin of 26.4%, narrowing operating loss to 0.3 billion RMB, driven by 81,302 new vehicle deliveries and strong market reception for the new Xiaomi YU7 SUV series Q2 2025 Smart Electric Vehicles and AI & Other Innovative Businesses Key Indicators | Indicator | Value | | :--- | :--- | | Total Segment Revenue (Billion RMB) | 21.3 | | Smart Electric Vehicle Revenue (Billion RMB) | 20.6 | | Segment Gross Profit Margin | 26.4% | | Segment Operating Loss (Billion RMB) | 0.3 | | New Vehicle Deliveries (Units) | 81,302 | - Launched the first SUV product, Xiaomi YU7 series, with **over 240,000 locked orders within 18 hours** of sales, indicating strong demand[25](index=25&type=chunk) - The Xiaomi SU7 Ultra production car achieved the **fastest production EV lap time on the Nürburgring Nordschleife** at 7 minutes 04.957 seconds[28](index=28&type=chunk) [Corporate Social Responsibility](index=7&type=section&id=4.%20企業社會責任) Xiaomi Group actively fulfills its corporate social responsibility through continued investment in low-carbon practices, disaster relief, and technological innovation, including significant increases in green electricity usage and substantial donations for flood relief - In low-carbon practices, green electricity usage in offices increased by **over 270% YoY** in H1, and solar power generation at the car factory reduced carbon emissions by **over 4,160 tons**[29](index=29&type=chunk) - In disaster relief, donated **5 million RMB in cash and 0.35 million RMB in supplies** to flood-affected areas in North China, and **500 million Myanmar Kyat** to the Myanmar Red Cross for earthquake relief[29](index=29&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Year-over-Year Analysis (Q2 2025 vs Q2 2024)](index=8&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%88%872024%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E6%AF%94%E8%BC%83) In Q2 2025, total revenue increased by 30.5% YoY to 116.0 billion RMB, primarily driven by strong growth in the smart electric vehicle business, leading to a 41.9% YoY increase in gross profit to 26.1 billion RMB and a significant 128.2% YoY increase in operating profit to 13.4 billion RMB Revenue by Segment (Year-over-Year) | Segment | Q2 2025 Revenue (Billion RMB) | Q2 2024 Revenue (Billion RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 82.5 | +14.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 6.4 | +233.9% | | **Total** | **116.0** | **88.9** | **+30.5%** | Gross Profit and Gross Profit Margin by Segment (Year-over-Year) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q2 2024 Gross Profit (Billion RMB) | Q2 2024 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 17.4 | 21.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 1.0 | 15.4% | | **Total** | **26.1** | **22.5%** | **18.4** | **20.7%** | - R&D expenditure increased by **41.2% YoY to 7.8 billion RMB**, primarily due to increased R&D investment related to smart electric vehicles and AI & other innovative businesses[54](index=54&type=chunk) - Profit for the period increased by **134.2% YoY to 11.9 billion RMB**; adjusted net profit increased by **75.4% YoY to 10.8 billion RMB**[63](index=63&type=chunk)[64](index=64&type=chunk) [Quarter-over-Quarter Analysis (Q2 2025 vs Q1 2025)](index=17&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%88%872025%E5%B9%B4%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%BA%A6%E6%AF%94%E8%BC%83) In Q2 2025, total revenue increased by 4.2% QoQ to 116.0 billion RMB, with a slight decrease in overall gross profit margin from 22.8% to 22.5%, while profit for the period increased by 9.0% QoQ to 11.9 billion RMB Revenue by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Revenue (Billion RMB) | Q1 2025 Revenue (Billion RMB) | QoQ Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 92.7 | +2.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 18.6 | +14.4% | | **Total** | **116.0** | **111.3** | **+4.2%** | Gross Profit and Gross Profit Margin by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q1 2025 Gross Profit (Billion RMB) | Q1 2025 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 21.1 | 22.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 4.3 | 23.2% | | **Total** | **26.1** | **22.5%** | **25.4** | **22.8%** | - Smartphone gross profit margin decreased from **12.4% to 11.5%**, primarily due to increased promotional efforts during the 618 e-commerce festival and intensified competition in overseas markets[85](index=85&type=chunk) - Smart electric vehicle business gross profit margin increased from **23.2% to 26.4%**, primarily benefiting from lower core component costs, reduced unit manufacturing costs, and increased deliveries of high-spec models[87](index=87&type=chunk) [Non-IFRS Measures: Adjusted Net Profit](index=25&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%EF%BC%9A%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E5%88%A9%E6%BD%A4) The company uses adjusted net profit as a non-IFRS measure to exclude the impact of non-operating items such as share-based compensation and fair value changes of investments, with Q2 2025 adjusted net profit reaching 10.83 billion RMB and a net profit margin of 9.3% Reconciliation of Profit for the Period to Adjusted Net Profit (Q2 2025) | Item (Million RMB) | Amount | | :--- | :--- | | **Profit for the Period (Reported)** | **11,873.2** | | Add: Share-based compensation | 1,269.6 | | Less: Net fair value changes of investments | (2,870.1) | | Add: Amortization of intangible assets acquired | 36.0 | | Add: Changes in fair value of financial liabilities to investors | 253.6 | | Add: Income tax effect | 268.4 | | **Adjusted Net Profit** | **10,830.7** | [Liquidity and Financial Resources](index=28&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the company maintained a robust financial position with cash and cash equivalents of 3.6 billion RMB and total cash reserves of 23.59 billion RMB, supported by 23.5 billion RMB in net cash generated from operating activities during the quarter - As of June 30, 2025, cash and cash equivalents were **3.6 billion RMB**, and total cash reserves (including various deposits and short-term investments) were **23.59 billion RMB**[114](index=114&type=chunk) Q2 2025 Condensed Cash Flow Statement (Million RMB) | Item | Amount | | :--- | :--- | | Net cash generated from operating activities | 23,545.2 | | Net cash used in investing activities | (70,049.4) | | Net cash used in financing activities | (3,643.1) | | **Net decrease in cash and cash equivalents** | **(50,147.3)** | - As of June 30, 2025, total borrowings were **2.89 billion RMB**[122](index=122&type=chunk) - As of June 30, 2025, invested in approximately **420 companies** with a total carrying value of **8.02 billion RMB**[125](index=125&type=chunk) [Financial Information](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) [Interim Condensed Consolidated Statement of Profit or Loss](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For Q2 ended June 30, 2025, the company reported revenue of 115.96 billion RMB, gross profit of 26.10 billion RMB, operating profit of 13.44 billion RMB, and profit for the period of 11.87 billion RMB, with basic earnings per share of 0.46 RMB Q2 2025 Statement of Profit or Loss Key Data (Thousand RMB) | Indicator | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | 115,956,091 | 88,887,828 | | Gross Profit | 26,100,958 | 18,394,177 | | Operating Profit | 13,436,719 | 5,888,721 | | Profit for the Period | 11,873,163 | 5,069,669 | | Basic Earnings Per Share (RMB) | 0.46 | 0.21 | [Interim Condensed Consolidated Statement of Financial Position](index=35&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8) As of June 30, 2025, the company's total assets significantly increased to 481.52 billion RMB from 403.16 billion RMB at year-end 2024, with total liabilities of 228.66 billion RMB and total equity of 252.86 billion RMB, indicating a robust asset structure Statement of Financial Position Key Data (Thousand RMB) | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 481,517,758 | 403,155,289 | | Total Liabilities | 228,657,063 | 213,950,170 | | Total Equity | 252,860,695 | 189,205,119 | [Interim Condensed Consolidated Statement of Cash Flows](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash generated from operating activities was 28.05 billion RMB, while net cash used in investing activities was 60.13 billion RMB, primarily for time deposits and long-term investments, resulting in cash and cash equivalents of 36.01 billion RMB at period-end H1 2025 Cash Flow Statement Key Data (Thousand RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 28,054,740 | 2,530,575 | | Net cash (used in)/generated from investing activities | (60,128,639) | 2,709,078 | | Net cash generated from financing activities | 34,434,304 | 455,300 | | Cash and cash equivalents at end of period | 36,008,030 | 39,335,820 | [Notes to Financial Information](index=38&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) The notes provide detailed information on reportable segments, geographical revenue, expenses by nature, income tax, earnings per share, investments, and contingencies, including a disclosure regarding ongoing tax and foreign exchange investigations in India where approximately 4.02 billion RMB equivalent in bank accounts is restricted - Reportable segments are categorized into 'Smartphone × AIoT' (including smartphones, IoT and lifestyle consumer products, and internet services) and 'Smart Electric Vehicles and AI & Other Innovative Businesses'[139](index=139&type=chunk)[140](index=140&type=chunk) - Disclosed ongoing investigations by Indian authorities regarding income tax, customs duties, and foreign exchange regulations concerning Xiaomi India; as of June 30, 2025, approximately **4.02 billion RMB equivalent (47.88 billion Indian Rupees)** in bank deposits is considered restricted, though management believes there are valid grounds for response and no significant provision has been made[156](index=156&type=chunk) [Other Information](index=46&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Repurchase and Issuance of Securities](index=46&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, the company repurchased 6,829,800 Class B shares on the Stock Exchange for approximately 225 million HKD to enhance long-term shareholder value, in addition to a placement and subscription in March 2025 - In H1 2025, the company repurchased **6,829,800 Class B shares** for a total consideration of approximately **225 million HKD**[158](index=158&type=chunk) [Interim Dividend](index=47&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The company will **not distribute an interim dividend** for 2025[163](index=163&type=chunk)

Market Overview - On August 18, Hong Kong's three major indices showed mixed results, with the Hang Seng Index down 0.37% at 25,176.85 points, the Hang Seng Tech Index up 0.65% at 5,579.18 points, and the Hang Seng China Enterprises Index down 0.06% at 9,033.68 points [1] - The pharmaceutical sector remained strong, while cyclical stocks were generally weak. Notable stock movements included BYD up over 0.5%, Alibaba and Xiaomi both up nearly 0.5%, Tencent down over 0.5%, and Kuaishou down nearly 1.5% [1] - The Hang Seng Tech Index ETF (513180) rose by 1.06% [1] Southbound Capital - On August 18, southbound capital recorded a net inflow of 1.386 billion HKD, bringing the total net inflow for the year to 940.308 billion HKD, significantly exceeding last year's total [1] U.S. Market Performance - U.S. stock indices showed mixed results overnight, with the Dow Jones down 0.08%, S&P 500 down 0.01%, and Nasdaq up 0.03%. Notable declines included Sherwin-Williams and Amgen, both down over 1% [1] - Chinese concept stocks had mixed performances, with Xunlei up over 37% and Niu Technologies down nearly 10%. The Nasdaq Golden Dragon China Index rose by 0.12% [1] Earnings Reports - Recently, the Hong Kong stock market entered a period of concentrated earnings disclosures. On August 18, Leap Motor reported a net profit of 30 million CNY for the first half of the year, becoming the second Chinese electric vehicle manufacturer to achieve semi-annual profitability [2] - Leap Motor raised its annual sales target to between 580,000 and 650,000 units, with a goal of challenging 1 million units in sales next year [2] Short Selling Data - On August 18, a total of 638 Hong Kong stocks were short-sold, with total short selling amounting to 33.484 billion HKD. The top three stocks by short selling amount were Tencent Holdings at 1.598 billion HKD, Xiaomi Group at 1.255 billion HKD, and Alibaba at 1.135 billion HKD [3] Institutional Insights - According to Guotai Junan, the acceleration of AI applications is benefiting Hong Kong's tech sector, which is seen as a main investment theme. The AI industry is expected to grow rapidly due to technological and policy catalysts [4] - The State Council's recent approval of the "Artificial Intelligence +" action plan aims to promote large-scale commercial applications of AI, which could enhance the competitive edge of Hong Kong's tech leaders [4] - The Hong Kong market is also expected to benefit from strengthened dividend policies and low interest rates, making new consumption and innovative pharmaceutical assets attractive compared to A-shares [4] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [5] - The Hang Seng Tech Index ETF (513180) includes core AI assets in China, representing a scarcity of tech leaders compared to A-shares [5]

Core Viewpoint - Xiaomi has experienced significant volatility recently, with a 7.2% fluctuation over the past five days, indicating market uncertainty regarding its future performance [1]. Financial Performance Expectations - Xiaomi is set to announce its Q2 earnings on August 19, with net profit estimates ranging from 8.1 billion to 10.27 billion RMB, representing a year-on-year increase of 58.9% to 101.5% from 5.098 billion RMB [1]. - Revenue forecasts for Q2 are between 112.086 billion and 117.826 billion RMB, reflecting a year-on-year growth of 26.1% to 32.6% from 88.888 billion RMB [1]. Analyst Ratings and Price Targets - CCB International maintains a "Buy" rating for Xiaomi, adjusting the target price slightly from 75.25 RMB to 74.4 RMB, citing attractive valuation after a 16% pullback from recent highs [1]. - JPMorgan has a "Neutral" rating, with a target price of 60 RMB, noting that Xiaomi's stock has underperformed the benchmark index amid expectations of slowing profits in its core smartphone and IoT businesses [1]. Technical Analysis - Key support levels for Xiaomi are at 51.4 RMB and 48.7 RMB, while resistance levels are at 55.8 RMB and 57.7 RMB [2]. - A "death cross" is anticipated as the 10-day moving average approaches the 30-day moving average, indicating potential bearish sentiment [2]. Derivative Products and Trading Strategies - HSBC's call option (18005) offers a leverage of 7 times with a strike price of 60.65 RMB, suitable for short-term traders [5]. - UBS's call option (14816) provides a slightly lower leverage of 6.9 times, appealing to medium-term investors [5]. - For bearish investors, the Barclays put option (17868) offers a leverage of 4.8 times with a strike price of 54 RMB, presenting a favorable risk-reward ratio [5]. Market Insights - Recent performance of derivative products linked to Xiaomi has shown significant gains, with HSBC's call option rising by 18% and UBS's call option increasing by 36% in a volatile market [10]. - The upcoming earnings announcement raises questions about whether to position in derivatives beforehand or wait for the results [12].

Core Insights - Xiaomi is successfully entering the electric vehicle market with its YU7 SUV, which has garnered significant demand, leading the CEO to suggest consumers consider other brands for quicker delivery [1][4][6] Group 1: Product Launch and Market Position - The YU7 electric SUV was unveiled in June, following the success of the SU7, and has already received around 240,000 reservations within the first 18 hours of its launch [2][4] - The starting price for the YU7 is approximately $35,300, making it cheaper than Tesla's Model Y RWD, which starts at $36,700 [3] - The YU7 offers a driving range of about 519 miles, significantly surpassing the Model Y's range of 368 miles [3] Group 2: Competitive Landscape - The YU7's launch is expected to exert pressure on Tesla in the Chinese market, particularly affecting the sales of the Model 3 [4][7] - Tesla's deliveries in China fell by 11.7% year-over-year to 128,803 units in the second quarter, indicating potential struggles against rising competition [7][8] Group 3: Consumer Insights and Recommendations - Wait times for the YU7 are reported to be around 56 to 59 weeks, prompting the CEO to advise consumers about potential delays and suggest alternative vehicles for quicker acquisition [5][6] - The CEO's recommendation of competing brands, including Tesla's Model Y, highlights the current demand for Xiaomi's vehicles [6]

Group 1 - The core viewpoint of the articles revolves around the optimistic sentiment regarding potential interest rate cuts by the Federal Reserve, driven by easing inflation data and supportive comments from U.S. Treasury Secretary Mnuchin [1][10] - On August 13, U.S. Treasury Secretary Mnuchin expressed optimism about the Federal Reserve's September meeting, suggesting a possible 50 basis point rate cut and advocating for a total reduction of 150 to 175 basis points [1][9] - Following these comments, U.S. stock indices opened higher, with the Nasdaq China Golden Dragon Index rising over 2%, indicating strong performance in Chinese assets [1][3] Group 2 - Chinese assets have been experiencing significant inflows from foreign investors, with $5.04 million net inflow into U.S.-listed Chinese asset-related ETFs last week, driven by funds like American Century Avantis Emerging Markets Equity [5] - Major Chinese tech stocks saw substantial gains, with Tencent Holdings ADR up nearly 7% and Meituan ADR up 4%, reflecting positive market sentiment [6][7] - Tencent reported Q2 revenue of 184.5 billion yuan, a 15% year-over-year increase, and operating profit of 69.25 billion yuan, an 18% increase, both exceeding market expectations [7]

当地时间8月12日，美股主要指数全线高开高走，中国资产亦表现亮眼。 深夜大涨。 8月12日亚洲交易时段，A股整体强势，三大股指齐创年内新高，沪指斩获7连阳。此外，截至8月11日，沪深两市融资余额实现重要突破，时隔十年再次 突破两万亿元大关。 近日，国际机构对中国资产的关注度持续上升。2025年以来，多家外资机构上调对中国股市评级：高盛7月末将MSCI中国指数未来12个月的目标点位从85 点上调至90点；野村证券将评级从中性升至战术超配等；此外，瑞银、摩根士丹利等多家外资机构发布的最新股票观点中均持续看好中国股市。 同时，标普国际信用评级公司近日发布报告，决定维持中国主权信用评级"A+"和展望"稳定"不变。财政部有关负责人表示，标普报告对中国经济增长韧 性和债务管控成效高度认可，体现了对中国经济向好前景的信心。从长远来看，中国经济基础稳、优势多、韧性强、潜力大，支撑高质量发展的积极因素 不断积累。 截至发稿，纳斯达克中国金龙指数涨幅超过1%。 热门中概股中，腾讯音乐涨超13%，中金科工业、小牛电动、奇富科技等涨幅超过5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | ...

Market Performance - Major US stock indices opened higher, with the Nasdaq China Golden Dragon Index rising over 1% [1] - Asian trading session saw A-shares performing strongly, with all three major indices reaching new highs for the year, and the Shanghai Composite Index achieving a seven-day winning streak [9] - The FTSE China A50 Index futures also saw gains, turning positive during trading [7] Notable Chinese Stocks - Tencent Music surged over 13%, while other notable Chinese stocks like Zhonghe Technology, Niu Technologies, and QFIN also saw increases exceeding 5% [3][4] - The Wande China Technology Leaders Index rose over 1.6%, with Xiaomi Group ADR up over 3%, and JD Group, Pinduoduo, and Meituan ADR all increasing by more than 2% [5][6] Foreign Investment Sentiment - International institutions have increased their focus on Chinese assets, with several foreign institutions upgrading their ratings for the Chinese stock market since 2025 [9] - Goldman Sachs raised its 12-month target for the MSCI China Index from 85 to 90 points, while Nomura Securities upgraded its rating from neutral to tactical overweight [9] - S&P Global maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [9] US Economic Indicators - The US July CPI data showed a month-on-month increase of 0.2%, matching expectations, while the year-on-year increase was 2.7%, slightly below the forecast of 2.8% [12] - Following the CPI release, traders adjusted their bets on a potential interest rate cut by the Federal Reserve in September [13]

当地时间8月12日，美股主要指数全线高开高走，中国资产亦表现亮眼。 截至发稿，纳斯达克中国金龙指数涨幅超过1%。 热门中概股中，腾讯音乐涨超13%，中金科工业、小牛电动、奇富科技等涨幅超过5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | TME | 腾讯音乐 | 25.656 | 2.956 | 13.02% | | ZJK | 中合科工业 | 2.920 | 0.220 | 8.15% | | NIU | 小牛电动 | 4.151 | 0.301 | 7.82% | | QFIN | 奇富科技 | 34.140 | 1.770 | 5.47% | | JFIN | 嘉银科技 | 12.880 | 0.480 | 3.87% | | XYF | 小赢科技 | 14.180 | 0.510 | 3.73% | | BZ | BOSS直聘 | 21.780 | 0.680 | 3.22% | | WB | 微博 | 10.010 | 0.280 | 2.88% | | WDH | 水滴公司 | 1.900 | 0.050 | 2.7 ...

Core Viewpoint - The article highlights a significant rise in both U.S. and Chinese stock markets, with notable performances from Chinese concept stocks and a positive outlook from international institutions regarding Chinese assets [2][12][13]. Group 1: U.S. Market Performance - On August 12, major U.S. indices opened high and continued to rise, with the Dow Jones up over 1%, Nasdaq nearly 0.9%, and S&P 500 up over 0.8% [13][14]. - The U.S. July CPI data showed a month-on-month increase of 0.2%, aligning with expectations, while the year-on-year increase was 2.7%, slightly below the forecast of 2.8% [15]. Group 2: Chinese Market Performance - The Nasdaq China Golden Dragon Index rose over 1%, with Tencent Music leading the gains at over 13% [2][4]. - The FTSE China A50 Index futures also saw a rebound, indicating strong performance in the Chinese market [8]. - The Shanghai Composite Index achieved a seven-day winning streak, marking a significant milestone as the financing balance in the Shanghai and Shenzhen markets surpassed 2 trillion yuan for the first time in ten years [12]. Group 3: International Institutions' Outlook - Several international institutions have raised their ratings for the Chinese stock market, with Goldman Sachs increasing its target for the MSCI China Index from 85 to 90 points [12]. - S&P maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [12].

8月19日，小米集团-W将披露2025财年中报。 本文源自：金融界 8月12日，小米集团-W(01810)盘中上涨2.07%，截至15:04，报51.85元/股，成交58.1亿元。 小米集团是一家主要以手机、智能硬件和IoT平台为核心的互联网公司，产品包括智能手机、IoT和生活 消费产品、互联网服务产品。公司的商业模式由创新、高质量的硬件，高效新零售和丰富的互联网服务 三个相互协作的支柱组成，致力于降低运营成本并提升效率。 截至2025年一季报，小米集团-W营业总收入1112.93亿元、净利润109.24亿元。 作者：行情君 ...